Cannabis stocks could see higher highs this week.
Later this week, the House will vote on ending a federal ban on medical and recreational cannabis, as announced by House Majority Leader Steny Hoyer. Lawmakers are expected to vote on The Marijuana Opportunity Reinvestment and Expungement (MORE) Act of 2019.
The UN is also expected to vote on World Health Organization recommendations to legalize, as well. On top of that, there’s speculation Joe Biden could legalize it at the federal level.
After all, Biden has already said he would “decriminalize the use of cannabis and automatically expunge all prior cannabis use convictions,” as quoted by the Boston Globe.
“We believe the Biden win is an important step on the path to federal permissibility of cannabis in the US market through decriminalization and de-scheduling,” said Canopy Growth CEO David Klein, as quoted by CNN.
One of the standout winners could be Canopy Growth (CGC).
Bank of America just raised its price target on the cannabis stock from $27.06 to $32.37 and maintained a buy rating. “They explained that potential changes to the US federal law on cannabis bode well for the overall cannabis sector, and especially for Canopy Growth as it would enable the Smiths Falls, Canada-based company to expand its activities in the U.S.” as reported by Benzinga.
Other top cannabis stocks to watch on this news include:
· Aurora Cannabis (ACB),
· Aphria Inc. (APHA),
· Cronos Group (CRON),
· ETFMG Alternative Harvest ETF (MJ)
· Sundial Growers Inc. (SNDL)
· HEXO Corp. (HEXO)
The post MORE Act Vote: The Top 7 Cannabis Stocks to Consider Immediately appeared first on Morningology.
